Feb. 11 at 8:58 AM
$ECC Unlevered CLO debt (CLOZ, JAAA, JBBB, etc) are doing great. It’s just the highly levered, high fee CLO equity stuff that’s getting killed. Investors are seduced by the large payout until they realize that it is unsustainable. By then it’s too late to exit with their “shirts”. Happened before and now it’s happening again to a fresh group of pilgrims.